I was torn between the two models as well. The Elite was my first SRAM experience. I liked it, and I almost pulled the trigger on the Elite. But - I have four Shimano bikes, and it seemed like it would keep things "automatic" in my brain to not have think about whether I was riding the bike with the different shifting system. And the new 105 on the Team really impressed me with the improvements over the previous version.
I liked the better wheels on the Elite, but before I bought the bike, I already had a set of upgrade wheels on order. So I went with the Team, immediately put on the lighter wheels, it weighs about the same as the Elite, and after the upgrade wheels, was a couple hundred bucks cheaper. And was quite a bit less than the Bianchi Infinito, the other bike that made the short list.
You can't really go wrong either way - it's a great frame.